Julio Moreno

You see this in the last few weeks how it went from really negative levels extremely negative and it went up to even is positive right now. They stopped selling basically the US and that drives prices higher relative to prices in other exchanges. The Coinbase premium flipping positive, combined with on-chain data showing Bitcoin flowing from offshore exchanges into Coinbase to capture arbitrage, indicates a resurgence of US-based spot demand. This localized spike in trading volume and liquidity directly translates to higher transaction fee revenue for Coinbase. LONG. The short-term return of US buyer appetite provides a tactical tailwind for Coinbase's core exchange business during this relief rally. In a bear market regime, positive Coinbase premiums are historically temporary. If the premium flips negative again, it signals that US demand has evaporated, removing the volume catalyst for the stock.